Ashley Cole has agreed to sign a new contract at Chelsea, Press Association Sport understands.

Cole is out of contract at the end of the season and was expected to leave Stamford Bridge, but the 32-year-old is set to snub the overtures of Real Madrid and Paris St Germain by committing his future to his current club.

It is understood the England defender has agreed to put pen to paper on a contract extension and both parties expect the paperwork to be signed off in the next 48 hours.

The news that Cole has agreed to commit his future to Chelsea will go some way towards appeasing the Blues fans who had become unhappy with the club's failure to tie the player down to a new deal.

Despite coming towards the latter stages of his career, Cole is still regarded as one of the best left-backs on the planet.

The defender, who has 99 England caps, has been a fixture in the Chelsea back line since he joined the Blues in a controversial transfer from bitter rivals Arsenal in 2006.

During his time at the west London club, Cole has won one Premier League title, four FA Cups, one League Cup and was also part of the team that defeated Bayern Munich in last year's Champions League final.

While his spell at the club has not been without controversy - two years ago he shot a work placement student with an air rifle at Cobham - on the pitch he remains one of the most consistent players in Europe.

Tomorrow he is expected to make his 201st Barclays Premier League appearance for Chelsea against his old club Arsenal.

Rafael Benitez said when taking over as interim manager that he expected Cole and Frank Lampard - who is also out of contract - to leave the club.

But Chelsea have been in talks with Cole over the last few weeks in a bid to keep the defender.

It remains to be seen whether the agreement with Cole will have any impact on Lampard's hopes of also remaining at the club.